Funding arb · Price arb /

MON

all MON markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC+0.0336%/8h= +36.8% APRpaid last 24h +0.009%

Price spread now: Orderly against Injective−0.079%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Orderly

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Funding pays, the price is against you. Orderly is 0.079% cheaper against Injective than usual: you would sell low and buy high (spread −0.079% now, against zero (this spread has no 7-day history yet)). If the spread goes back, that is −$8 on $10k: about 19 hours of funding at the current rate (+$10 a day).

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective MON/USDC PERP	0.02535	−0.0253	get 0.0032% / 1h	17m 04s	$6K	$111	5.5x
Short	Orderly PERP_MON_USDC	0.02533	0.0084	get 0.0042% / 4h	1h 17m	$16K	$51K	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Orderly against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee OrderlybpOrdersPrice spread, now −0.079%Rate

Funding earned: $70.64
Price spread: −0.079% → 0.000%: −$7.89
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Orderly: 3 bp × 2 orders: −$6
Net: $56.73
Costs to cover: 0.060%
Break-even: 1.4 days

Slippage unknown: Injective: no order-book sample; Orderly: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Orderly no order-book sample	—	—	—	—	—

Injective and Orderly: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

MON on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix MON	−0.0316%	1h	0.02528	−0.268%	$12K	$367K	5x	as long as short
Backpack MON_USDC_PERP	−0.0270%	1h	0.02533	−0.067%	$112K	$152K	10x	as long as short
Injective MON/USDC PERPlong	−0.0253%	1h	0.02535	long leg	$6K	$111	5.5x
Bybit MONUSDT	−0.0157%	8h	0.02529	−0.237%	$20.7M	$13.1M	50x	as long as short
01 Exchange MONUSD	−0.0024%	1h	0.02529	−0.229%	$6K	$1K	5x	as long as short
Perpl MON	0.0000%	43m	0.02533	−0.083%	$105K	$2.3M	10x	as long as short
Deribit MON_USDC-PERPETUAL	0.0000%	1h	0.02532	−0.114%	$68K	$125K	25x	as long as short
Orderly PERP_MON_USDCshort	+0.0084%	4h	0.02533	−0.079%	$16K	$51K	10x
Lighter MON	+0.0096%	1h	0.02533	−0.079%	$845K	$738K	10x	as long as short
Paradex MON-USD-PERP	+0.0099%	8h	0.02531	−0.162%	$8K	$42	5x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado MON-PERP	+0.0100%	1h	0.02535	−0.002%	$413K	$543K	10x	as long as short
Hyperliquid MON	+0.0100%	1h	0.02533	−0.059%	$34.3M	$7.5M	5x	as long as short
Aster MONUSDT	+0.0100%	4h	0.02531	−0.173%	$101K	$222K	10x	as long as short
dYdX MON-USD	+0.0100%	1h	0.02531	−0.148%	$13K	—	5x	as long as short
Pacifica MON	+0.0100%	1h	0.02532	−0.118%	$140K	$93K	3x	as long as short
Binance MONUSDT	+0.0100%	4h	0.02531	−0.158%	$24.1M	$26.6M	75x	as long as short
OKX MON-USDT-SWAP	+0.0100%	4h	0.02529	−0.237%	$4.2M	$5.9M	50x	as long as short
Bulk MON-USD	+0.0100%	1h	0.02520	−0.591%	$103K	$5K	10x	as long as short
Gate MON_USDT	+0.0100%	4h	0.02530	−0.197%	$952K	$965K	50x	as long as short
KuCoin MONUSDTM	+0.0100%	4h	0.02534	−0.039%	$2.9M	$743K	75x	as long as short
Bitget MONUSDT	+0.0100%	4h	0.02533	−0.079%	$2.7M	$2.1M	25x	as long as short
Variational Omni MON	+0.0100%	8h	0.02531	−0.157%	$753K	$405K	—	as long as short
edgeX MONUSDC	+0.0100%	4h	0.02528	−0.264%	$42K	$250K	10x	as long as short
GRVT MON_USDT_Perp	+0.0100%	4h	0.02530	−0.181%	$566K	$1.5M	10x	as long as short
ApeX Omni MONUSDT	+0.0100%	1h	0.02537	+0.079%	$68K	$501K	50x	as long as short
SoDEX MON-USD	+0.0100%	1h	0.02531	−0.158%	$5K	$6K	5x	as long as short
Extended MON-USD	+0.0104%	1h	0.02534	−0.032%	$48K	$518K	10x	as long as short
Aevo MON-PERP	+0.0104%	1h	0.02532	−0.138%	$38K	—	3x	as long as short
Aftermath Perps MONUSD	+0.0247%	1h	0.02532	−0.137%	$2K	$74K	10x	as long as short
GMX MON/USD [ETH-USDC]	L +0.0260% / S −0.0429%	1h	0.02532	−0.110%	$9K	—	50x	as long as short
BloFin MON-USDT	+0.0340%	4h	0.02527	−0.316%	$1.3M	$320K	75x	as long as short
Kraken Futures PF_MONUSD	+0.0491%	1h	0.02535	+0.003%	$271K	$112K	10x	as long as short
Coinbase International MON-PERP-INTX	+0.0536%	1h	0.02541	+0.245%	$112K	$58K	50x	as long as short